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Hengli Group Restructures Ownership of Singapore Oil Trading Unit Following US Sanctions on Refining Arm
China’s Hengli Group has altered the ownership structure of its Singapore-based oil trading arm following U.S. sanctions on its refining unit. The changes were made in response to the sanctions, according to people with knowledge of the matter. This development highlights ongoing tensions in international oil trade.
Apr 27, 11:16 PM·1m read1 source
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China’s Hengli Group changed the ownership structure of its Singapore-based oil trading arm after the United States sanctioned the company's refining unit, @business reported, citing people with knowledge of the matter. U.S. sanctioned Hengli Group's refining unit, according to the same sources.
Hengli Group's oil trading arm is based in Singapore, as confirmed by people with knowledge of the matter. U.S. sanctioned the refining unit of China’s Hengli Group, which prompted the subsequent ownership adjustments in the trading arm.
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